How AI Affects the Economy around the World

Artificial Intelligence (AI) has raised many concerns around the world since its entrance into the industry and public use. There are many admires and positive comments on its intelligence and criticisms and negative points about its impacts on the working industry. Many people believe AI is a threat for them and their lifelong careers and may replace humans in a few fields. According to experts, the majority of jobs endangered by AI are the common occupations such as entry-level admin roles, customer service reps, graphic designers and many more. However, we need to remember that it is not yet certain and 100% probability. On the other hand, AI is causing many new job opportunities to be created or promoted such as computer scientists, data analysts, AI and machine learning specialists, etc.…

Likewise with other aspects of our lives, AI can impact the economy around the world too. Its ability to process vast amounts of data and automate tasks will lead to higher productivity. Companies will likely increasingly turn to AI for content creation, software development, marketing, sales and customer service. However, it doesn’t mean that just companies will use AI to boost their productivity. At the moment, many people are using it to get ideas and improve their personal and professional lives. Moreover, AI will cause economic growth. It is estimated that AI could contribute over $15 trillion to the global economy by 2030. Funding for AI development is pouring in from corporate investors, individuals and governments.

There are assumptions about the influence of AI on inflation too. It might reduce inflation by up to 1 percentage point annually, enhancing economic stability.

As it is mentioned above, AI has advantages and disadvantages. However, it doesn’t mean that it will gradually replace humans in all fields. Although AI is an enhancing and advancing technology, it still will need to be monitored and altered by humans. As many huge revolutions occurred in the past, humans have the ability to adjust themselves to the new environment and move one with them. I believe the same will happen with AI.

Let’s turn barriers into opportunities.

By M. Nargis

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